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REAL ESTATE
MARKET Home sales are on the rise.
% INCREASE IN PENDING SALES 2009 OVER 2008 REAL ESTATE
“Housing prices have fallen, mortgage rates are modest and regional incomes have been rising, albeit not by a lot. The bottom line? The data tell us this is one of the best times in recent decades to purchase a home.”
MARKET 50%
45.46%
45%
35% 30% 25%
- Old Dominion University’s 10th Annual State of the Region Report
“While many factors determine whether one chooses to own or rent... the general economics of owning a home are about as favorable in 2009 as in 2001...”
40%
22.85%
20% 15%
0%
HOUSING AFFORDABILITY IN HAMPTON ROADS MONTHLY PAYMENT FOR A MEDIAN PRICE RESALE HOUSE AS A PERCENTAGE OF MEDIAN HOUSEHOLD MONTHLY INCOME
45% 40% 35%
35.5%
33.4%
30.8%
30%
31.9% 24.9%
25%
21.5%
20% 15% 10%
10% 5%
Old Dominion University published its 10th Annual State of the Region Report October 13, 2009. We’re pleased to share excerpts from this year’s report.
5%
4.89%
0%
1979
1989
1999
2006
2008
2009
Source: Old Dominion University Economic Forecasting Project
JUL ‘09
AUG’09
SEP ‘09
Source: REAL ESTATE INFORMATION NETWORK, INC.
“The increased affordability of housing enhances the pool of buyers eligible to purchase homes in Hampton Roads...”
“The data tell us this is one of the best times in recent decades to purchase a home.” “Since 2006, median household income needed to pay the principle and interest on a mortgage for the purchase of the median-priced home in Hampton Roads has fallen by one-third. Indeed, regional housing is at its most affordable level in 10 years
and is not very far away from its most affordable scenario in the past 30 years.”
The Region’s Leader – Serving all your real estate needs throughout Williamsburg, Southeast Virginia and Northeast North Carolina! Churchland/Suffolk 483-0306 Currituck (252) 435-6100 Downtown 625-2580
Franklin 562-7771 Great Bridge 547-9691 Great Neck 481-3710
Laskin Road 428-3516 Little Creek 588-0213 Lynnhaven 486-2410
Poquoson 868-4100 Port Warwick 595-8895 Smithfield 357-3217
Commercial 213-5391 Property Management 499-5688 Relocation 490-0022
MARKET Home sales are on the rise.
% INCREASE IN PENDING SALES 2009 OVER 2008 REAL ESTATE
“Housing prices have fallen, mortgage rates are modest and regional incomes have been rising, albeit not by a lot. The bottom line? The data tell us this is one of the best times in recent decades to purchase a home.”
MARKET 50%
45.46%
45%
35% 30% 25%
- Old Dominion University’s 10th Annual State of the Region Report
“While many factors determine whether one chooses to own or rent... the general economics of owning a home are about as favorable in 2009 as in 2001...”
40%
22.85%
20% 15%
0%
HOUSING AFFORDABILITY IN HAMPTON ROADS MONTHLY PAYMENT FOR A MEDIAN PRICE RESALE HOUSE AS A PERCENTAGE OF MEDIAN HOUSEHOLD MONTHLY INCOME
45% 40% 35%
35.5%
33.4%
30.8%
30%
31.9% 24.9%
25%
21.5%
20% 15% 10%
10% 5%
Old Dominion University published its 10th Annual State of the Region Report October 13, 2009. We’re pleased to share excerpts from this year’s report.
5%
4.89%
0%
1979
1989
1999
2006
2008
2009
Source: Old Dominion University Economic Forecasting Project
JUL ‘09
AUG’09
SEP ‘09
Source: REAL ESTATE INFORMATION NETWORK, INC.
“The increased affordability of housing enhances the pool of buyers eligible to purchase homes in Hampton Roads...”
“The data tell us this is one of the best times in recent decades to purchase a home.” “Since 2006, median household income needed to pay the principle and interest on a mortgage for the purchase of the median-priced home in Hampton Roads has fallen by one-third. Indeed, regional housing is at its most affordable level in 10 years
and is not very far away from its most affordable scenario in the past 30 years.”
The Region’s Leader – Serving all your real estate needs throughout Williamsburg, Southeast Virginia and Northeast North Carolina! Churchland/Suffolk 483-0306 Currituck (252) 435-6100 Downtown 625-2580
Franklin 562-7771 Great Bridge 547-9691 Great Neck 481-3710
Laskin Road 428-3516 Little Creek 588-0213 Lynnhaven 486-2410
Poquoson 868-4100 Port Warwick 595-8895 Smithfield 357-3217
Commercial 213-5391 Property Management 499-5688 Relocation 490-0022
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